Assignment $1(CLO1)$

Assume that you are a sole trader. $On$ January $1,2024$ the

business had the following assets and liabilities.

During the month $of$ January $2024,$ the following

transactions took place:

Jan $2$: Bought goods $on$ credit from Coley Sisters $Ltd,$

$450,000$

Jan $4$: Sold goods $on$ credit $toM.$ Richards $$600,000.$

Jan $7$: Cash sales $$550,000$

Jan $10$: Cash purchases, $$300,000$

Jan $15$: Sold goods $on$ credit $toA.$ King, $$480,000.$

Jan $16$: Paid wages cash $$400,000$

Jan $20$: $A.$ King paid off his account $in$ cash.

Jan $20$: Paid $T.$ Daniel $$1,000,000$ cash.

Jan $22$: Bought goods $on$ credit from Tony Simms $$750,000.$

Jan $23$: Paid insurance $$160,000$

Jan $24$: Cash sales, $$600,000.$

Jan $26$: Bought goods for cash for $$350,000$ from $Y.$ Seales.

Jan $27$: Paid $W.$ Wilks $$470,000$ cash.

Jan $28$: Sold goods $toF.$ Luey $on$ credit $$750,000.$

Jan $29$: Paid electricity, $$200,000.$

Jan $30$: Paid wages, $$380,000$

Jan $31$: Received $$500,000$ cash from $M.$ Richards.

Jan $31$: Sold goods $on$ credit $toA.$ Swift, $$800,000.$

Required:

$a.$ Write $up$ the relevant journals for the above information

for January $2024.$

$b.$ Post the above transactions for January $2024to$ the

ledger.

$c.$ Balance the ledger and carry down the balances $on$

January $31,2024.$

$d.$ Extract a Trial Balance $asat$ January $31,2024.$